StealthGas, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter ended September 30, 2009, voyage revenues amounted to $28.4 million, a decrease of $0.5 million or 1.7%, compared to voyage revenues of $28.9 million for the three months ended September 30, 2008. Net income was $7.2 million or $0.32 per share, an increase of $1.8 million, from net income of $5.4 million or $0.24 per share for the three months ended September 30, 2008. This compares to a realized cash loss of $1.1 million and to an unrealized non-cash loss on interest rate swap arrangements and foreign currency hedging arrangements of $0.9 million for the three months ended September 30, 2008. Adjusted EBITDA for the three months ended September 30, 2009 was $16.6 million, an increase of $3.1 million, or 23.0% from $13.5 million for the three months ended September 30, 2008. Before the non-cash items, net income was $2.7 million, or $0.12 per share for the three months ended September 30, 2009, as compared to $6.3 million, or $0.28 per share, for the three months ended September 30, 2008, a decrease of $3.6 million or 57.1%. The decline in net income after non-cash items continues to be mainly attributable to lower revenues due to an increase in the number of idle days where vessels were unemployed and lower charter rates being obtained in the spot market, as well as increased costs mainly in voyage expenses as a consequence of an increase in the number of ships operating in the spot market compared to the same quarter in 2008. Net income was also adversely affected by a $1.8 million realized cash loss on interest rate swap arrangements for the three months ended September 30, 2009 as compared to a $1.1 million loss on these instruments in the same quarter for 2008. The company reported income from operations of $6,772,344 against $9,632,920 for the same period a year ago. The company reported net cash provided by operating activities of $5,422,975 against $14,904,923 for the same period a year ago. For the nine months ended September 30, 2009, voyage revenues amounted to $84.7 million and net income was $13.8 million, an increase of $0.3 million, or 0.4%, and a decrease of $8.4 million, or 37.8%, respectively, from voyage revenues of $84.4 million and net income of $22.2 million for the nine months ended September 30, 2008. For the nine months ended September 30, 2009 net income included a loss on the sale of vessel of $0.8 million compared to a profit of $1.7 million on the sale of vessels in the same period in 2008. Net income for the nine months ended September 30, 2009 net of the loss on the sale of vessel was $14.6 million compared to $20.5 million for the same period in 2008, excluding the gain of $1.7 million on the sale of vessels in that period. Basic and diluted earnings per share were $0.62 for the nine months ended September 30, 2009 as compared to basic earnings per share of $1.01 and diluted earnings per share of $1.00 for the nine months ended September 30, 2008. Adjusted EBITDA for the nine months ended September 30, 2009 was $39.8 million, a decrease of $5.8 million, or 12.7%, from $45.6 million for the nine months ended September 30, 2008. The company reported income from operations of $22,129,177 against $32,058,914 for the same period a year ago. The company reported net cash provided by operating activities of $32,074,366 against $36,984,814 for the same period a year ago.

StealthGas, Inc. expected to Report Fiscal Year 2009 Results on February 17, 2010. This event was calculated by Capital IQ (Created on November 17, 2009).

StealthGas, Inc., Q3 2009 Earnings Call, Nov-17-2009